(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.data-privacy-src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-67256506-2', 'auto'); ga('send', 'pageview');

4 years worth of Audited Financial Reports no Longer valid

By |2018-09-04T10:07:23+08:00September 4th, 2018|Audit of Financial Statements, News|

Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud. Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese [...]

Case Study: PwC UK auditor spent only 2 hours on BHS Audit

By |2018-08-31T11:00:07+08:00August 31st, 2018|Audit of Financial Statements, News|

In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). [...]

Independent directors to face 9-year limit – SGX

By |2018-08-30T10:24:50+08:00August 30th, 2018|Internal Audit, News|

SINGAPORE-LISTED companies will have to justify the independence of long-serving independent directors - if suggested rule changes put forth by the Corporate Governance Council on Tuesday go into force within the second half of this year. To encourage firms to refresh and introduce more diversity into their boardrooms, the Council [...]

Foreland Fabrictech Holdings warns of loss of control

By |2018-07-24T23:43:29+08:00July 24th, 2018|Internal Audit, News|

In the latest example of corporate mismanagement and corporate governance, FORELAND Fabrictech Holdings may have lost control over its wholly owned subsidiary, Fulian Knitting Co, in China, it warned on Wednesday (Originally Reported May 9 2018). The saga originally began with a customer claim that was originally filed in 2013 [...]